The future of insurance business lies in Low Code

Digital is rapidly transforming the way organizations are serving their customers or managing their back-end operations. Enterprises are moving away from paper-based, manual processes to digital operations.
Newgen Software for businessWhere are insurance organizations in their digital journey? A report by Capgemini said 27 percent of insurers are deemed to be digital masters while 56 percent are classified as beginners.

Low Code Can Act as a Key Enabler for Insurance Industry

To cater to dynamic business requirements and deliver a superior customer experience, organizations need to fast track their digital initiatives.  This requires organizations to identify business gaps and develop relevant software applications. However, translating these business requirements into applications requires specific skills, time, and effort.

The need of the hour is to shift from coding to developing applications faster. This is where low code helps.

A low code platform, with a high level of abstraction, reduces the translation effort through modeling-driven, point-and-click application development that can support both citizen developers and pro-code developers. With low code, citizen developers with no professional IT skills can easily develop applications.

Here’s how insurers can benefit from a low code platform,

Gain faster time to market – With low code, insurance organizations can quickly introduce new products and services and gain competitive advantage. Also, they can easily configure business rules related to product validation, underwriting, and claims

Ensure compliance – The platform gives complete oversight of all the business functions and presents a unified view of the data across teams like agents, backend operations, legal, providers, etc. And, it offers agility to make changes per the evolving regulatory ecosystem

Enable customer journey – A low code digital platform eliminates operational disconnects by bridging process, content, and communication silos and giving a 360-degree view of the customer profile, thereby enabling customer journey from need analysis, quotation management and generation, new business, underwriting, policy servicing to claims management

Empower business users – By implementing a low code platform, insurance organizations can reduce IT dependency and empower business users like underwriters to take control and configure the underwriting, premium, loading, and discounting rules

What to Look Out For in a Low Code Platform

According to Gartner, by 2024, low code application development will be responsible for more than 65 percent of application development activity.

Considering the benefits, a low code platform offers, organizations are implementing it at a rapid pace. So, before investing in a low code platform, insurance organizations must be wary of below key functionalities,

Modelling Driven Development Environment – Business users should be able to design and modify processes, forms, rules, data models, and more. For instance, an underwriter can configure process workflows, plan validations, and design approval matrix as and when needed

Mobile Application Framework – A low code platform offers a mobile development framework for users to develop configurable mobile apps that enable field agents to seamlessly onboard customers and allow surveyors to investigate for claim settlement

Integration Adapters – While searching for a low code platform, it is important to look out for ready-to-use adapters to enable seamless integration with agent portals, legacy systems, core systems, and other third-party applications. Thus, allowing seamless information flow and real-time exchange of data

Workflow Management Capability – Most insurance business applications have a workflow, such as quotation management, new business and underwriting, claims management, member enrollment, agent onboarding, performance management, etc., which could be either simple or complex. Business process management offers a comprehensive set of capabilities, including process development, execution, monitoring, administration, and optimization for managing various insurance processes

Content Management Capability – Creating business applications without a constant flow of documents and content is not feasible. Enterprise content management capability is required for the effective and end-to-end management of enterprise content such as proposal forms, claims forms, servicing forms, id proofs, etc.

Customer Communication Management (CCM) Capability – To complete the customer journey, the platform offers the ability to engage with customers through a CCM system. The system offers a wide range of communication templates, which can be modified, and facilitates on-demand document generation of communications, including quotations, benefit illustrations, acknowledgments, premium receipts, etc.

To Conclude

Insurance organizations need to embrace digital at a faster pace. Leveraging a low code platform, insurers can accelerate their digital initiatives by gaining speed and agility across all the insurance processes. Furthermore, the platform allows insurers to remain compliant by allowing users to configure rules per the regulatory requirements.
Newgen Software Virender Jeet
Virender Jeet, senior vice president (Sales & Marketing / Products) at Newgen Software